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In September foreign-owned investment funds were more lucrative than their domestic counterparts with the appreciation of the Chinese yuan contributing to one sixth of their yields, Xinhua-run Shanghai Securities News reports on Thursday.

 

Funds managed by Qualified Foreign Institutional Investors (QFIIs) earned an average profit of 5.77 percent in September compared with the 5.08 percent made by domestic funds, the paper reports.

 

The higher yields of the foreign-owned funds were partly due to the appreciation of yuan which in September gained 0.63 percent against the US dollar, 0.78 percent against the HK dollar, 0.92 percent against the yen and 1.57 percent against the euro.

 

QFIIs earned more than 20 billion yuan (US$2.5 billion) in China in the past three years, said sources with the China Securities Regulatory Commission.

 

By August they'd invested 55.4 billion yuan (US$6.93 billion) in China while their combined assets had risen to 75.5 billion yuan (US$9.44 billion).

 

China has awarded investment quotas totaling US$8 billion to 50 QFIIs since 2003 when it began to allow overseas institutional investors to enter the country's capital market.

 

Regulators have promised to increase the quotas to US$10 billion and grant QFII status to more overseas investors.

 

(Xinhua News Agency October 13, 2006)